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20121201
20121231
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? >> greece is a perfect example when you continue to borrow from the future, which is what we're doing right now. so if you don't deal with entitlement reform now, if you don't say to people under 50, things are going to be different, what happens is you get to the point where you're in greece and you tell an 85-year-old, you used to get $150 euros a month and now you're not. chris: the medicine is the cure. >> the comparisons between the united states and greece which republicans like to make are so wildly -- chris: what is the apt comparison if this country doesn't get its act together? >> the united states really is unique. we are still the world's store -- chris: can we bank on the fact that we're the currency of the world and we can keep running enormous deficits? >> we have the ability to issue debt in our own currency and make it credibility. nobody else can do that and people keep buying it. two more quick points, chris, about this what we are seeing now. first, the president has taken leadership of his own party, something he really didn't do during his first term and right out of t
and stalin of -- >> dividing up -- >> yeah, the british will get 90% of greece. the russians get 90% of bulgaria, and hungary, and divide it up that way. it was pretty cynical. but when roosevelt dies, in april of '45, his last telegram to churchill was, we always have these minor disafremonts with the russians about we end up resolving them so let's not make a big deal. no reason we can't maintain friendship after the war. when truman gets in there in 1945, april 12, he immediately takes a different course. roosevelt's alliance with the wartime alliance with the soviets was still very strong at that point. but truman turns to advisers who roosevelt never trusted in the first place, didn't pay any heed to, people like burns. the second day of the 13th -- burns in south carolina, a private plane, and as -- burns gives them same message, the soviets are break all their agreements. they cannot trusted, and within two weeks the u.s. policy tornado the soviet union is going to change in april of 1945. by the time there's that big meeting on april 23rd with molotov and april 23rd, the uni
to talk about greece or not, whether i want to dive straight into the banking union and what chance have we possibly got of getting agreement. >> let's talk about greece, much more fun. no, greece we have to get out of the way. is the debt by back program going to be successful, everyone nds it will. we know that's the one little lynchpin on which everything else rests. so if it's not, the money will not flow, but everybody insists as when he headed into the euro group meeting yesterday that it will be successful. that's also what what we hear from the greeks. there's a bit of arm fwising, but it will probably go through. and then lo and behold ahead of the actual summit in the morning, they can sign up the check for the next greek installment also we hope. we're also closer to a little rescue package for cypress. spanish aid package for the banks is on track. so that was the working list last night. another thing on the to-do list. the head of the euro group confirmed last night that, no, i will not extend anything now, i will definitely leave as head of the euro group at the end of thi
't get. see if you can do better. it wouldn't take much. >>> greece's national bank euro bank alfa and perez says they need the money following disclosures by the lenders last week. greece is concerned that the 50 billion euros set aside for bank recapitalization will be enough to cover the shortfall. >>> and the italian treasury is holding its last debt sale of the year. traders are expecting to see solid demand for the paper after rome placed nearly 12 billion euros of shorted dated paper just yesterday. still, they warn investors could become more discerning in the new year especially as the italian electric tore ral race on thursday. italy expects to raise around 10 billion euros next year. less supply. we know there's still plenty of investor demand and no sign necessarily of re-ignited concern about the longer term health of these -- you could call them peripheral economies. >> no. things have really improved. it's all still down to the ecb's pledge to support these countries if they fulfill the conditions. especially in the case of italy. the country is fulfilling conditions
't want to become greece or france or one of these stagnant slow growth welfare states. think evidence is very clear that fiscal policy does matter for an economy's performance. doesn't mean we have a recession if taxes go up but it does mean that government will be bigger and our growth rate in the long run maybe instead of 2.7, it is 2.6. that doesn't sound like much but because of compounding it adds up. adam: dan, i don't think there is any danger we become greece or france in a lot of ways. we're not a socialist country yet and greece is a whole different ball of wax. rich, the discussion about the economy, the spending cuts that they're talking about do put people out of work and that would have a negative effect on the economy, would it not? >> it would, adam. real quick, a bit of news here. president obama will deliver a statement at 4:45, something i imagine we'll cover live here on fox business. adam: we will. >> 5:45 president obama deliver as statement here at the white house. as far as spending cuts are concerned, you see this argument, you typically hear republicans say,
austerity measures have prolonged. not taken that area out of recession. in greece, you often hear members of this house who say the united states economy is going to be like greece. oh, really? greece is not growing. greece has lost 25% in its economy in the past five years. greece's economy shrunk by 7% this year alone. there's a 20% unemployment rate in greece and even higher for younger people. greece doesn't make anything that the rest of the world wants. the american economy is dynamic. the american economy always needs to be improving with education, scientific research and infrastructure investment. so, a rational system, a rational political system would respond much differently than what is going on here in this congress. we're talking about spending cuts and allowing tax cuts that haven't produced economic growth to be extended. all of the people that are talking about spending did all the spending. they are the debt and deficit creators. if we want to experience economic growth we have to invest in this economy. and it's critically important to the future of this nation. medica
fledged banking union and bailout loans for greece. what was being done to prevent another global downturn? that was on queen elizabeth's mind as she visited the bank of england. >> trying her hand at high finance, the queen, put in her signature on a special, a bank note. >> it does not improve much. >> the bank note, worth 1 million pounds, seem like small change as the queen and duke of edinburgh were shown the vaults were gold reserves were kept. there are 27 billion pounds of gold in this fault alone. that is not something you see every day, even when you have been doing this sort of thing for 60 years. has the tour went on, talk turned to more serious matters. the queen once asked why nobody had seen the financial crisis coming. officials launched into a three- part lecture on what caused the crisis. the words like "paradigm" flew across the floor. both the duke and the queen listened intently. finally, it became a two-way conversation, and the queen offered a few thoughts of her own. first, a question about the bankers. >> complacency. >> and then a question about the regulator, the
in greece this week over the massacre of innocents, but agreeing how to prevent such killings in the future is bound to divide the country for months to come. >> our north america editor reporting. here in washington today, there was a major announcement regarding president obama's cabinet. massachusetts senator john kerry was nominated to be the next secretary of state. after confirmation, the former presidential candidate will succeed hillary clinton to serve as america's top diplomat. so what can we expect from him in that role? for answers, i spoke to the former u.s. state department spokesman. of course, americans united nations ambassador, susan rice, was the top favorite. how effective will john kerry be? >> he has great spirits. in a sense, the obama administration has used him very effectively in the past four years. he was first on the ground in copenhagen with the climate change negotiations. he was inserted into the troubled relationship the united states has with pakistan. he has had effective conversations with president karzai, and he did some yeoman's work when it came to ne
in the manner greece is so doing. we're on our way to becoming another greek tragedy, unless we gee the economy growing 3 to 4% a year the debt will outrun us. before a matter of time all the government programs the democrats are giving them. that is why they reelected president obama will not be there. melissa: lindsey, at what point does it become painful for americans? he talks about all of sudden we can't issue debt. we talk about how much china owes of our, owns of our debt. we own a lot of our own debt too. >> that's the problem. we're really at the precipice. this is the point we have to make the tough decision if we will become the next greece or reform the programs and make a discernable dent into the debt we already service that we have right now. really doesn't seem like either side is willing to make concession. obama is only going to concede if he can tell his populace if he raised taxes on rich. republicans will only succeed if we made a dent in spending. neither side looks like they want to give. >> john, are we at a tippingpoint in the debt crisis we're starting to borrow more t
to the trading day. investors are waiting for the results of greece's bond buyback program occurs. joe has some of the big corporate news and this one is actually a global corporate story. >> hsbc. we're talking about paying $1.9 billion in the money lawnering lapses. a brirchb lender admitting to a breakdown of controls, in a statement announcing a deferred payment. yesterday standard chartered agreed to pay $27 million agreeing that it violates sanctions against iran and two other international companies. >> if you're an international bank and you prael without getting into this kind of trouble? >> no. >> can you actually operate without money laundering? >> i'm just saying, if you're going to be in business in all these types of markets, isn't this going to happen? >> aren't there sxwier countries that would be probably -- that it would stead if you don't want any business tale. >> was there a fascination in this country about whether you want to indict the whole institution or what happens systemically. >> is this your sequel? >> i was on the phone last night. one of the two publishers that
but upper income americans and the sad news is we have accomplished little, in terms of not becoming greece, that bill will not affect the debt situation and it will be a a political victory for the president and i hope we have courage of our convictions, when it comes to raise the debt ceiling to fight what we believe as republicans. hats off to the president, he won. >> chris: quick follow-up, before we turn to senator feinstein, you said you don't think your conservative colleagues in the senate will filibuster or set up a procedural roadblock, they'll vote to avoid going over the cliff. >> if mcconnell can't get 60% of us to vote for the deal it will be hard for boehner to get through the house and i will want to vote for it, though i don't like it them. country has a lot to the stake here. >> chris: senator feinstein, is senator graham right, will we get a deal. >> he's partially right. yesterday, 2.1 million americans lost extended unemployment insurance. and, from this point on, it is lose-lose. my big worry, is, a contraction of the economy. the loss of jobs, which could be well ove
economy. we're fiscally bankrupt. if we didn't have the dollar, we might be greece. we have a deal with our debt bomb. giev tot face the fiscal cliff that's coming in a couple of weeks. >> so you know what both sides are saying. the president is saying there's no way to make the math work without raising the rates for the top income earners and that the republicans should give in on this. >> yeah, yeah. >> do you think he's right? >> well, i understand that position. that was the position he took during the campaign. but what has to happen in my view, you've got to have everything on the table. yo view to have revenue increases. now, how you get those revenue increases was an item of discussion during the campaign. it are be an item of discussion during the negotiation. i for one think you could get there in way that would promote economic growth by eliminating -- by bronding the tax base, by eliminating loopholes and deductions. the truth of the matter, fareed, is we're not undertaxed as americans. we overspend. i think everybody would agree we overspend. that's why we have this d
in. and that that is unsustainable. the question is does that all lead to greece? part four of our series "the cost of spending" looks at dangerous consequences. interest rates and the role of the federal reserve. >> if a government destroys the value of currency, it will destroy the middle class. >> ron paul railed against the federal reserve and got applaud from growing clouds. >> we don't have the money, run out of borrowing power and guess what they do? they start printing money. >> despite paul and others' criticism the fed acted more aggressively. doubling down on printing more money each month to keep interest rates low for the future. >> it's likely warranted through 2015. >> why are they doing it? go back to the national debt clock. remember, we were staring at it it early in series. the debt to gdp or gross domestic product ratio is at 102%. the highest since just after world war ii. that is with extremely and historically low interest rates. even at these rates, that interest will cost the u.s. more and more every year. $222 billion in interest payments on the debt this
the dollar, we might be greece, we have got to deal with our debt bomb, we have got to face the fiscal cliff that's coming in a couple of weeks. >> so you know what both sides are saying? the president is saying there's no way to make the math work. without raising the rates for the top income earners and that the republicans should give on this. >> yeah. >> do you think he's right? >> well, i understand that position, that was the position he took during the campaign. but what has to happen in my view, you've got to have everything on the table, you have to have revenue increases. now how you get those to revenue increases was an item of discussion during the campaign, and it's an item more negotiation, i for one think you can get there by eliminating and broadeninging the tax base which eliminating loopholes and deductions. the truth of the matter is that we're not undertaxed as americans, we overspend. i think everything would agree that we overspend that's why we have this debt to gdp of 100% as far as the eye can see absent policy changes, so whatever you do, you first have to agree wha
say greece? >> host: what does it mean for the pentagon? >> guest: any program, how did you continue? greece used to be one of the only three great non-u.s. countries, spending about 2% of gdp on national security. we were spending fortified at the time. we are under four. responding to something. they are now below that and having even further south because they simply can't afford it. >> host: new jersey, democratic collar. >> caller: thank you for taking my call. first of all, i am a retired army colonel, executive and also an author. adelle lot of research on the federal budget. whenever we start talking about social security and medicare, the entitlements and relating it to the annual budget deficit, we're making a mistake. no part today in a problem. a problems exist for three principal reasons. the spending increases for the war and other things that we basically did not fund. second, we had a huge loss in employment in 2007 and 2008 where people stop paying taxes and start drawing welfare. number three, we have the tax cuts, both the bush tax cuts and the obama tax cuts which
people believe that what's happening in greece cannot happen in the united states. but think about it. greece kept borrowing and spending until eventually they couldn't pay their public workers, take care of the elderly or the poor or deliver any of the services promised to their people. the united states is headed down the very same path. we'll be right back here having this same debate very soon if we don't cut spending. instead we'll be discussing the top 2%, next time it will be the top 50%. and so on. until we're all being attacked, every one. but spending so much that we still cannot meet our only gations -- obligations. this debate should be about spending, not taxes. so that we can give the american people what they want, a strong economy and a guarantee that programs like social security and medicare will remain in tact. i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentlelady from the virgin islands seek recognition? mrs. christensen: address the house for one minute, revise and extend my remarks. the speaker pro tempore: without
at the pace it has been growing. we do have an advantage that greece does not have. we print the world's money. we cannot expect the dollar will be keen to tomorrow. -- forever. if the europeans can manage their deficit and we cannot, the world will switch to euros. there is a tweet here -- guest: the cbo is supposed to be a political, but it cannot be too alarmist. if we go over the cliff, we are looking on january 1, some of this is already milton. about $600 million -- $650 billion in spending cuts and tax increases. that is about 4% of gdp. that is an enormous negative stimulus. a detraction from demand. that would surely be a deep recession. the cbo relies on simulation models that did not take into consideration investor sentiment, the reaction of consumers, and so forth that they wholly lose confidence in their government. if we go over the cliff and stay there, people will start to conclude that washington cannot manage its affairs. all bets are off on economic modeling. it is impossible to say what happened that other than it would be very negative. host: one piece that you actually d
. google is flying from south to north. so i think they're kind of mingling right now in greece. so in santorini. this is his dashboard. you can see where he is. there's a lot of games. kids having a ball with it. it shows you where santa is. he's leaving his presence as he moves. he's moving from africa north. so now they kind of just bypassed each other in greece. and now google is now in finland where the other guy is. or similar santa was earlier. they're kind of meeting in the middle. just around the equator. >> here's the thing, we just don't want a midair santa crash. that would be the worst case scenario. thank you so much, alexandria, in an age of e-mails and tweets, here we go. it's nice to know that a letter can still be a powerful tool. it also helps if you have a powerful role model. that would be 9-year-old gabriella miller. she got strangers from around the world to write letters to santa. that out pouring will bring some joy for severely ill children like gabriella herself. now, our affiliate has the story. >> we have a mountain of letters here. >> reporter: chris' c
becoming greece. >> today, despite the president being in hawaii, the fiscal cliff is still on the agenda. kristen welker is with the president in honolulu. good day to you, kristen. what are you hearing there? >> reporter: alex, good morning to you. white house officials say this is very much a working vacation, no word if president obama has actually spoke on the congressional leaders at this point. i can tell you that conversations are going on at the staff level. but the reality is that the hard work, the final touches probably won't be put on these bills or this bill, rather, that they're hoping to get until lawmakers, the president, return to washington. and of course that won't happen until after the christmas holiday. this has a lot of people worried, alex, because as you say there's not a lot of time left to get a deal done. president obama, house speaker john boehner, were very close to getting a deal. president obama had given a little on entitlement reform, house speaker john boehner had given a lit until terms of agreeing to increase taxes. but they just couldn't get to the f
, especially if greece is right that the judicial review is that going to extend to outside organizations. adults think thailand is that close to afghanistan. geographic proximity is the watchword for detention authority to offer that lax judicial review, but i think, as did play a very clear role in legislating for those cases where they're will be constitutionally require judicial review in india think that if there is every concern we might take advantage of the decision, which i think he easily be taken advantage of, congress did say in cases of individuals picked up outside the united states and not in as on of active combat operation, here is some minimal steps toward procedures that the government must follow which would go a long way toward obviating the concerns that tries to raise, leaving the battlefield issues for another day because i don't think the issue is how many people are on the battlefield in afghanistan. the reality is, as our active combat operations wind down, that number is decreasing to zero. the question is, when we picked up pirates in the gulf of aden, when we
. you also have negative growth in greece. there's only so much you can have of negative growth across the continent of europe before impact spending patterns across the world. there are positives out there but we have to be focused on the fact that these problems are not going to go away. one of every four people in spain are unemployed and under the age of 25. fifty-six% to not have a job. that is a major rest of the for disaster and the math does not work. if you try to fix a problem with negative growth and nobody working. dennis: a lesson here. one last note on the fed. what is your concern there? >> pretty simple. the fed has raised the credit market. yield and price are not real. they are buying up trillions of dollars of these bonds and i'm worried about the day when the market no longer listens to them. the market has not been bigger than the fed over the last few years. of the market gets bigger than the fed, look out. yields should be much higher than where they are and if we ever get to that point there could be big trouble. a lot of investors are being forced into a lot of
borrow any more money until we fix this country from becoming greece, and that requires significant entitlement reform. >> reporter: for the record, senator graham is not one of those who favors increasing tax rates on the wealthy. he favors more revenue from them by capping deductions. cheryl and dennis. dennis: thanks very much, peter barnes. and our next guest says many republicans in private are conceding they may have to give president obama much of what he wants. we are joined by potomac research group political strategist, greg vallier. so do you think president obama will win a twofer; higher tax rates on the rich and deduction caps to get the rich to pay more as well? >> maybe. it's moving in that direction. i think peter barnes in the previous piece got it exactly right. i think the republicans in private, dennis, are beginning to say let's cut a deal on this, we'll come back and fight again when we really do have leverage. that's on the debt ceiling fight in february. dennis: how can voters have any faith that if they do tax hikes now and wait for spending cuts later they
of becoming greece. >> the president's aides not surprisingly quickly rejected the plan which republicans say would bring in $800 billion in higher tax revenue without raising rates. white house communications director said, quote, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. press secretary jay carney said mr. obama is determined to phase out the bush administration tax cuts for families making more than $250,000 a year. >> he will not sign a bill that extends those tax rates for the top 2%. we can't afford it. it is not a wise economic policy or wise fiscal policy. and it would defeat the principle of balance that he has embraced. >> so with less than a month to go before the deadline, we've now had an offer and a counteroffer, but arguably, no real attempt at compromise. democrats say republicans haven't detailed how they would increase tax revenue and they haven't offered enough of it and republicans say democrats haven't agreed to serious entitlement program cuts. steve, gretchen, brian? >> steve: thank you very much, live from the north
foundation to see what we can do to improve the fate of our country so we will not become greece. no one is more worried about this nation's unsustainable debt situation than senator demint. i've seen him deinvolve over time to someone who could just not sit quietly, who had to take up the cause. in the 2010 election cycle, he was one of the strongest voices this he had would a lost our way -- that we'd lost our way in washington. jim is a kind, sincere man, an individual who is a joy to be around. when it comes to what's going on in america, jim understands that if we don't make some changes we're going to lose our way of life. that's what's driven him above all else, to try to keep our country a place to be place where you can be anything. i look forward to working with jim in the private sector. from a personal point of view, we've had a great ride together. it has been fun. it has been challenging, and i think we put south carolina on the map in different ways at different times, and to people back in south carolina, i hope if you get to see jim anytime soon, just say "thank you." be
will not become greece. no one is more worried about this nation's unsustainable debt situation than senator demint. i've seen him deinvolve over time to someone who could just not sit quietly, who had to take up the cause. in the 2010 election cycle, he was one of the strongest voices this he had would a lost our way -- that we'd lost our way in washington. jim is a kind, sincere man, an individual who is a joy to be around. when it comes to what's going on in america, jim understands that if we don't make some changes we're going to lose our way of life. that's what's driven him above all else, to try to keep our country a place to be place where you can be anything. i look forward to working with jim in the private sector. from a personal point of view, we've had a great ride together. it has been fun. it has been challenging, and i think we put south carolina on the map in different ways at different times, and to people back in south carolina, i hope if you get to see jim anytime soon, just say "thank you." because whether you agree with him or not, he was doing what he thought was best fo
. president, and use your mandate to bring this country together to stop us from becoming greece. >> okay. there we go. some advice there for the president. >>> here with us now former white house counselor for president bush. ceo of the consulting firm, hill and milton strategies. dan bartlett back at the table. good to have you this morning. a couple must reads to look at. >> you can ask a question if i can ask rattner a question. you go first. >> when are you going to man up? what happened, man? we republicans, we used to drive liberals crazy. we'd win elections we shouldn't win. we would steal senate seats we should never steal. we would shock -- they never saw it coming. willie geist talked about the morning after the 2004 election, you had liberals on the upper west sidewalking around like zombies. some of them walked straight into the hudson river. that doesn't happen. we're not the smart party, we're the stupid party. what happened? >> well, there's that. >> what happened in '12? how did we perform so badly? is it our tactics? >> well, the primary process obviously didn't help us
of its own. 7% like -- remember, the business is still majority in spain, italy, portugal, greece, et cetera. over 50% of sales. there 7% like for like. margins rising. it is a special company. >> taking a big -- are they taking a chunk of market share, as well? >> absolutely. i think it goes back to the strengths of its model. i think more than anyone else they listen to the consumer. this is fast fashion taken to the extreme. there's something new in the stores every two weeks. there's a reason to keep going every two weeks. they get feedback from the store managers quickly on what's working, what's not working. go back to the production people, say we need this more, we need less of this. >> the supply chain must be -- where are they making this stuff? how are they able to get it into the store so quick three is. >> about half of their production is in spain, portugal, and morocco. that's the secret really. unlike h&m et cetera who gave everything to the far east, inditex is doing quite a lot locally. that is the key challenge for them. as they get bigger and bigger, can they remai
becoming greece and finally stop getting out of debt. i hope republicans will fight as hard on the debt ceiling as barack obama did on tax rate. uma: you call everything going on in washington right now dysfunctional. the american people are kwaeutinwaiting to see what is going to happen here. many people are frustrated and upset that once again we are at the 11th hour trying to get a deal done at a time when there was a lot of time before this to work something out. >> because the senate doesn't function any more. the house has passed three or four bills to avoid sequestration, to save the military from these cuts, to deal with the fiscal cliff. if you don't like the house's product bring it on the floor of the senate and let's change it. let's start being legislators instead of just a place where ideas go and die in the united states senate, it's embarrassing to me being the most deliberative body in the world and not be able to have a debate about how the fiscal cliff drama should end. we should have had the house bill on the floor months ago. harry reid blocks everything coming from
the nearby town of greece, new york, drove by. the gunfire hit his car. he was apparently injured by the shrapnel. now, as for the shooter, authorities say that he apparently was killed by a gunshot, there was some type after a shootout. police arrived, their fired at the shooter. not clear to what extent, if any, he fired back at the police officers, but we do know that he is now dead. not clear if it was self-inflicted. the police chief for webster new york, gerald pickering, held a news conference a few hours ago x he described what amounted to nothing less than an ambush. listen. >> at this time, you know, it's still under investigation, but we, you know, we have different leads that we're chasing down. it does appear that it was a trap that was set for responding, you know, first responders. but causative reasons we don't have at time. >> reporter: the police chief said that the shooter's body was found nearby. he also said that it was not clear at this time what type of a weapon it was, whether it was an assault rifle. also to be mentioned because of the shooting that took p
nothing other than, quote, this is a quote, damn us to becoming greece. patti ann: what would it mean if lawmakers fail to strike a deal? according to the tax policy center, 90% of the americans would see a tax hike in 2013. 121 million people would pay more in payroll taxes. families making between 40 and $65,000 a year would pay an extra two grand or so to the government. gregg: the big question, do lawmakers hope to get anything out of the last minute fiscal cliff talks or is it just for show? democratic congressman chris van hollen is the ranking member of the house budget committee. he will be joining us live coming up in the next hour what he really thinks is going on. patti ann: well the u.s. economy meanwhile could suffer yet another major blow. looming strikes at ports from next sass to boston are threatening to put thousands of americans out of work. with potential losses for u.s. businesses ranging in the billions. >> the port of baltimore is one of maryland's largest economic generators. any type of work action that may result in a suspension or stoppage of work would have
it do? >> that, that what would happen is, we were turn into europe. we all see it. we see greece, and spain and italy, and france. they all grow slow of the they have extremely high unemployment rates. we would have a slow economy and high unemployment forever if we taxed ourselves like that. gregg: all right. >> this idea that somehow you can't tax the middle class or we won't, it's impossible. if we keep --. gregg: that is a bad idea, right, i get it. i get it. vat. that i get. >> value-added tax is the worst thing. gregg: brian, what is the solution? >> yeah. i, well, if i were king for a day and told to make the economy grow faster, i would cut the size of our federal government. we need to cut spending everywhere because, the best our economy has done in the last 30 years is during the '80s and '90s. that's when ronald reagan and bill clinton cut spending. i would take the clinton tax rates, right now, i would take them. gregg: really. >> they won't hurt the economy, if, i got clinton's spending. he spent one-third less on federal government than barack obama is today, one-t
's and ambassador to greece request that has very specific set of requirements with respect to funding a suspicion i have reviewed and i will say there've been 18 arb is, not a single one of them has ever been fully implemented. so i understand about this process. i'm just saying that the culture within the state department to me is one that needs to be transform. this committee can help. may be the next secretary of state can do. but the fact is there's a lot of work that needs to be done. >> senator menendez? >> thank you, mr. chairman. and i, too, want to say that senator lugar, that he is leaving behind an extraordinary, at this point untreatable serving many of the ways in the future, but an extraordinary career, and a lasting legacy in so many different ways that we appreciate your service, and certainly remember ambassador stevens as the hallmark of what foreign service is all about. you know, our challenge both here at home and abroad in the context of terrorism is that the terrorists have to only be lucky once. we have to get it right 100% of the time. it's a heavy burden. and not an easy o
greece in the uprising against the turks? [laughter] that, by the way, is a very profound joke. if you are an empire that wants to make sure you play by the rules, it is always good to have a group that is discriminated against and they will go off to build an empire. it is very important. it just came to me with that? if you look out the rest of the democratic world, the spaniards, you name it, they're not exactly gung ho about putting their blood on the line when it comes to pursuing our values. the point, i guess, here is that you always have to have somebody who runs the show. there has to be one of very large power. usually it is anglo-saxon. we are now in a phase of american development with the power that has carried the burden over the last 60 years, as we all know, wants to lead from behind and is retracting from afghanistan, from iraq, and they're now exerting their power from afar and from above. drones above, boots on the ground. i fear if nobody takes on the responsibility of organizing and maintaining, it will not be in the of -- will not be india. >> go ahead, minister.
look for greece to increase tax rates on the wealthy next year. >> what do they say about sequestration's and also changes to entitlement programs? >> interestingly, the debt limit does not address in this proposal. you will collin they proposed a change in the way the debt limit who was released. if you are asking their aides, and they tell us the speaker would be open to increasing the debt limit, but he is sticking to his rule that it must be accompanied by cuts and spending reform equal to or greater than the increase. it could be put on the table for negotiation. they are not laying out specific changes to medicare and medicaid. they want $600 billion in health savings. they mention things that have been mentioned for a year-and-a- half, including the eligibility age for medicare for a number of years and also means testing medicare benefits so they either pay more in premiums or receive less in benefits. the change to social security is also something that has come up repeatedly in these negotiations, which is a change to the way the benefits year- over-year are calculated for the
is going on in greece and spain and portugal. it leads to these unemployment rates of 20% in some of these countries. host: mr. bivens? guest: that is not what caused the debt in those countries. i think it shows they do not have an independent monetary policy. they cannot have an independent central bank that just prints money the way that we do. i think it is the un-wisdom of the currency union. there is no evidence that countries that our welfare states are in bigger trouble. with the previous caller, i totally agree. the skills of workers more unemployed is not much of to an employer's. -- employers. if there is was this unmet demand for skilled workers out there and employees had openings but there were not the right people, you would see wages spiking in all sorts of occupations. i do not see wages spiking in any sector of the economy right now. the idea that there is this diagnosis that, it is too bad you people are not employed, you people do not have the right skills, there is no evidence that is going on. host: jim on the republican line, from maine. caller: i thank unem
of not becoming greece or getting out of debt. this won't affect the debt situation. >> sort of hats off, wink, wink. >> the president told "meet the press" they hope to get a deal condon in the next 48 hours. >>> police say a guy broke into a woman's home and drove her to the bank of america branch where she worked. she triggered an alarm but the suspect escaped before police arrived. it took the bomb squad three hours to remove the device from her neck. she did escape unharmed luckily. >> a best friend becomes a hero after rescuing a boy who fell through the ice in iowa. they were walking on a lake when the ice gave way, sending 11-year-old ashton eckenrod into the water. >> i thought i was going to die from it. and just not see my family any more. he didn't say anything. he was just leak freaking out. i didn't know what to do so he just grabbed my hand. >> his 10-year-old friend managed to slide across the ice and pull him back out. they are both doing just fine. >>> and think you are neurotic? that could be a good thing, you guys. >> thank good glance and you came down the hall and wouldn'
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